EconoMeter: Do we need a moratorium on foreclosures?
Roger Showley, SAN DIEGO UNION-TRIBUNE
Saturday, October 16, 2010
Kelly Cunningham, National University System
Government should not impose a moratorium, which would only generate more delay and uncertainty, instead of encourage homebuyers into the market. Banks should be properly vetting the process, however, and it is amazing the complexity of tax and real-estate law has not already been made more transparent for homebuyers and mortgage investors. After receiving billions in bailouts, financial institutions should hire enough workers, especially in an era of high unemployment, to properly manage their mortgage business. Bad loans should be processed as quickly as possible through foreclosure and other legal settlements so the market can stabilize and recover.